Canada: January GDP just shy of consensus – RBC

Canadian January GDP rose 0.1%, just shy of consensus, Josh Nye from the Royal Bank of Canada reports. USD/CAD trades at 1.4286.

Key quotes

“Activity was up on 12 of 20 industries in January. Manufacturing output grew for the first time in five months as decent gains in a number of subsectors were more than enough to offset a 12% pullback in motor vehicle output due to the permanent closure of GM's Oshawa plant.” 

“Air transportation posted its largest monthly decline in a decade with coronavirus-related travel advisories reportedly adding to bad weather and system glitches.”

“Overall, goods-producing industries were up 0.2% and services output rose 0.1%.”